File IO is an expensive operation. You can look at the last modified time of a file and cache that too. If the last modified time has not changed, do not reload the file.
You can also configure a Timer and TimerTask to poll the file ever X seconds and perform this operation. That will reduce the overhead even more, but will introduce a latency of X seconds for every property change.
As you yourself say, caching is a good idea, provided that the properties in the file does not change.
Alternatively, another suggestion is to "implement" the property file as a Groovy script or have a Groovy script read the property file when the Groovy script is modified.
Spring has a mechanism for periodic checking of Groovy scripts and reloading of these upon modification.
Such a bean is declared along these lines: